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Key Resistance Levels: 1.4200, 1.4400, 1.4600
Key Support Levels: 1.3400, 1.3200, 1.3000
GBP/USD Price Long-term Trend: Ranging
GBP/USD has been in a range-bound move since June. Yesterday, the currency pair fell to the low of level 1.3642 and resumed upward. The pound is likely to rise to retest level 1.3900 resistance level. This has been the price action since June. The uptrend will resume if the 1.3900 resistance level is breached. Meanwhile, on September 3 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the Pound is likely to rise to level 1.618 Fibonacci extensions or level 1.4069 .
Daily Chart Indicators Reading:
The currency pair is at level 37 of the Relative Strength period 14. It implies that the pair is in the downtrend zone and below the centerline 50. The Pound is also approaching the oversold region. The 21-day SMA and the 50-day SMA are sloping horizontally indicating the sideways.
GBP/USD Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downward move. The downtrend extended to the low of level 1.3640 before the upward move. The upward move is likely because the Pound has fallen to the oversold region. Meanwhile, on the September 14 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the Pound is likely to rise to level 1.618 Fibonacci extensions or level 1.3720.
4-hour Chart Indicators Reading
The pair is below the 20% range of the daily stochastic. It has reached the oversold region. Buyers are expected to emerge in the oversold region. The 21-day and 50-day SMAs are sloping downward indicating the downtrend.
General Outlook for GBP/USD
The Pound has continued to be in a range-bound move since June. The currency pair will resume an uptrend if the price breaks above level 1.3900 and the bullish momentum is sustained.
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